WS #12916

The dominant narrative is a tech selloff, with the Nasdaq 100 sliding into correction as global chip and memory stocks sell off. However, several high-signal developments emerge in this window. First, Nvidia CEO Jensen Huang met with Commerce Secretary Lutnick amid China export scrutiny, a potential counter-signal to the selloff if the meeting de-escalates tensions. Second, the White House confirmed positive meetings with Zelenskyy and Netanyahu, and a bipartisan US Senate deal on sanctions targeting Russia and Iran was reached, which could impact energy markets. Third, crude oil is down over 5% as US-Iran refrain from further attacks and talks on Strait of Hormuz raise hopes of restored shipping flows, countering previous supply disruption fears. Fourth, Apple briefly hit $5 trillion market cap, a bullish signal for AAPL amid the tech rout. Fifth, a 7.1 magnitude earthquake in Kumamoto, Japan, caused significant damage, potentially impacting Japanese equities and supply chains. The Fed decision is tomorrow, with Citadel predicting a hike against consensus of no change. The narrative is STABLE overall, with the tech selloff continuing but with several countervailing forces.